Mid-America Apartment Communities (NYSE:MAA) Price Target Lowered to $170.00 at Scotiabank

Mid-America Apartment Communities (NYSE:MAA) had its target price trimmed by Scotiabank from $180.00 to $170.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has a sector outperform rating on the real estate investment trust’s stock.

Several other equities research analysts have also recently issued reports on the stock. Piper Sandler lowered their price objective on shares of Mid-America Apartment Communities from $170.00 to $153.00 and set a “neutral” rating for the company in a research report on Monday, August 4th. UBS Group decreased their price objective on shares of Mid-America Apartment Communities from $149.00 to $142.00 and set a “sell” rating for the company in a research report on Tuesday, July 15th. Wall Street Zen upgraded shares of Mid-America Apartment Communities from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. Truist Financial lowered their price target on shares of Mid-America Apartment Communities from $174.00 to $171.00 and set a “buy” rating on the stock in a report on Wednesday, May 21st. Finally, KeyCorp decreased their price objective on shares of Mid-America Apartment Communities from $180.00 to $170.00 and set an “overweight” rating on the stock in a report on Wednesday. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Mid-America Apartment Communities currently has a consensus rating of “Hold” and an average price target of $163.21.

Mid-America Apartment Communities Trading Up 0.2%

Shares of Mid-America Apartment Communities stock opened at $140.10 on Thursday. The firm has a market cap of $16.40 billion, a price-to-earnings ratio of 28.83, a PEG ratio of 3.74 and a beta of 0.75. The business has a 50-day moving average price of $147.87 and a 200-day moving average price of $155.51. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.83. Mid-America Apartment Communities has a twelve month low of $137.32 and a twelve month high of $173.38.

Mid-America Apartment Communities (NYSE:MAA) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $2.15 EPS for the quarter, topping the consensus estimate of $2.14 by $0.01. The company had revenue of $549.90 million during the quarter, compared to analyst estimates of $552.19 million. Mid-America Apartment Communities had a return on equity of 9.35% and a net margin of 25.98%. The firm’s revenue was up .6% on a year-over-year basis. During the same quarter last year, the business posted $2.22 earnings per share. Equities research analysts anticipate that Mid-America Apartment Communities will post 8.84 EPS for the current fiscal year.

Mid-America Apartment Communities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Tuesday, July 15th were paid a $1.515 dividend. This represents a $6.06 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Tuesday, July 15th. Mid-America Apartment Communities’s payout ratio is 124.69%.

Hedge Funds Weigh In On Mid-America Apartment Communities

Large investors have recently made changes to their positions in the stock. California State Teachers Retirement System raised its position in Mid-America Apartment Communities by 16.4% in the second quarter. California State Teachers Retirement System now owns 176,654 shares of the real estate investment trust’s stock valued at $26,147,000 after purchasing an additional 24,923 shares during the period. FJ Capital Management LLC increased its stake in Mid-America Apartment Communities by 34.8% during the 2nd quarter. FJ Capital Management LLC now owns 16,574 shares of the real estate investment trust’s stock worth $2,453,000 after buying an additional 4,280 shares during the period. Peapack Gladstone Financial Corp lifted its holdings in Mid-America Apartment Communities by 1.1% during the 2nd quarter. Peapack Gladstone Financial Corp now owns 20,205 shares of the real estate investment trust’s stock worth $2,990,000 after buying an additional 214 shares in the last quarter. Treasurer of the State of North Carolina boosted its position in Mid-America Apartment Communities by 2.3% in the 2nd quarter. Treasurer of the State of North Carolina now owns 54,355 shares of the real estate investment trust’s stock valued at $8,045,000 after buying an additional 1,218 shares during the period. Finally, CIBC Asset Management Inc grew its stake in shares of Mid-America Apartment Communities by 385.3% in the second quarter. CIBC Asset Management Inc now owns 85,694 shares of the real estate investment trust’s stock worth $12,684,000 after acquiring an additional 68,036 shares in the last quarter. 93.60% of the stock is currently owned by institutional investors and hedge funds.

About Mid-America Apartment Communities

Mid-America Apartment Communities, Inc is a real estate investment trust, which engages in the operation, acquisition, and development of apartment communities. It operates through the Same Store and Non-Same Store segments. The Same Store Communities segment represents those apartment communities that have been owned and stabilized for at least 12 months as of the first day of the calendar year.